One of a conveyancer's responsibilities is to ensure that their clients get a suitable property. Although you may be inclined towards buying a specific property, the conveyancer's input will significantly influence your property buying decision. So, what assessments does the professional make? Below is a comprehensive guide.
Location Of The Property
Location is a critical concern when buying real estate. Below are a few things you need to consider:
- Who are your neighbours? Expect to pay more when living in an influential neighbourhood. On the other hand, you could be uncomfortable living close to rowdy neighbours who hold parties all night.
- What are the current zoning regulations in the location? For example, you might be interested in an area zoned for mixed use if you intend to set up a business close to your home.
- Does the location have adequate amenities? Nearby social developments could increase the appreciation rate of the property.
- Is the area susceptible to hazards such as flooding and fires? If it is, the property must be built to withstand these risks.
The conveyancer will assess how the location of the property will affect your comfort during your stay. This ensures you make an informed decision when buying the property.
Functionality Of The Property
How do you intend to use the property? As a real estate professional, the conveyancer is aware of features that could enhance your quality of life when living on the property. For instance, if you happen to be a senior citizen, the conveyancer could advise you to consider properties with lifts and ramps since you could experience mobility issues in the future. On the other hand, a large property allows you to install additional carports, a gazebo, a deck or a swimming pool. This information will play a critical role in deciding whether or not you should purchase the house.
Market trends play a crucial role in determining the appreciation rate of the property. Although you may not intend to sell the property in the next few years, appreciation rates enable you to take advantage of the property's equity when you need urgent cash. Your conveyancer will examine the property features and tell you how they can affect appreciation. For example, asbestos, easements, salt damping and shifting foundations could negatively affect property appreciation. On the other hand, high-quality internal fixtures, energy-efficient design, incorporation of smart-home features, well-manicured lawns and state-of-the-art security will increase the property's price. Your conveyancer can forecast the property's appreciation rate before you make the purchase. This gives you confidence in the investment.
When assessing the suitability and pricing of property, conveyancers will examine the location, functionality of the property and current market trends. Contact a company that offers conveyancing services to learn more.